Fun

BTC price shoots up $1.5K in seconds as US CPI shows inflation slowing

News Feed - 2024-06-12 10:06:12

William Suberg10 hours agoBTC price shoots up $1.5K in seconds as US CPI shows inflation slowingBitcoin comes charging back after a single U.S. macro data print reverses days of BTC price declines.5756 Total views11 Total sharesListen to article 0:00Market UpdateOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin (BTC) spiked higher into the June 12 Wall Street open after United States inflation data delivered a surprise drop.BTC/USD 1-hour chart. Source: TradingViewCPI fuels sudden 3% BTC price surge


Data from Cointelegraph Markets Pro and TradingView captured a snap BTC price surge to $69,636 on Bitstamp.


Bitcoin gained $1,500 in seconds as the May print of the Consumer Price Index (CPI) showed inflation cooling faster than expected.


Month-on-month CPI was unchanged from last month, while the year-on-year tally was 3.3% — both 0.1% lower than forecast.


“The all items index rose 3.3 percent for the 12 months ending May, a smaller increase than the 3.4-percent increase for the 12 months ending April. The all items less food and energy index rose 3.4 percent over the last 12 months,” an official press release from the U.S. Bureau of Labor Statistics confirmed.CPI % change chart. Source: Bureau of Labor Statistics


The result was a boon for risk assets, including crypto, which had suffered in the run-up to CPI in what had become classic behavior for Bitcoin and altcoins.


Now, markets braced for the June meeting of the Federal Reserve’s Federal Open Market Committee, or FOMC, due later on the day. Here, the decision on interest rate changes, as well as commentary on the economy by Fed Chair Jerome Powell, would be of key importance to sentiment.


Reacting to the latest events, financial commentator Tedtalksmacro was optimistic. CPI, he suggested, had given Powell the green light to entertain an overall easing of tight financial policy in the form of high rates.


“The stage is set for J Powell to talk easing. Let’s go,” he summarized on X.


Michaël van de Poppe, founder and CEO of trading firm MNTrading, focused on falling U.S. dollar strength in the wake of the data.


“The Dollar and Treasury Yields are dropping significantly as the markets are expecting rate cuts to be happening,” he noted.“This could be the massive sign for Altcoins and Bitcoin.”Future brightens for Bitcoin-friendly policy easing


Bitcoin thus erased the losses that had come courtesy of U.S. employment data the week prior. 


Related: 2nd highest weekly close ever — 5 things to know in Bitcoin this week


Further such figures were due into the end of the week, leaving the door open to further BTC price volatility.


The latest estimates from CME Group’s FedWatch Tool, meanwhile, showed shifting market bets on when rate cuts could come, with the September FOMC meeting now at over 70%.Fed target rate probabilities. Source: CME Group


This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Bitcoin Price# Markets# InflationAdd reaction

News Feed

Biggest Movers: LTC Climbs to Highest Level Since May
Biggest Movers: LTC Climbs to Highest Level Since May Litecoin rose to a seven-month high to start the week, as cryptocurrency markets continued to react to the latest U.S. nonfarm
Russians Own $215 Billion in Crypto Suggests Estimate Attributed to Government
Russians Own $215 Billion in Crypto Suggests Estimate Attributed to Government Russians may own more cryptocurrency than previously thought, a new estimate reportedly used by the g
Nigerian officials drop some charges against detained Binance exec
Vince Quill8 hours agoNigerian officials drop some charges against detained Binance execThe next court dates in Tigran Gambaryan’s case are scheduled for June 19–20, according to a family spokesperson.1352 Total view
Bitcoin Taxation Support Growing Industry – Here are 5 Useful Cryptocurrency Tax Calculators
Bitcoin Taxation Support Growing Industry – Here are 5 Useful Cryptocurrency Tax Calculators For crypto owners looking to estimate how much they owe in taxes, there are some pl
Belgian Regulator Warns of Crypto Scammers That Target Male Tinder Users With Fake ICOs
Belgian Regulator Warns of Crypto Scammers That Target Male Tinder Users With Fake ICOs The Belgian regulator, the Financial Services and Markets Authority (FSMA
Yuga Labs Drops Otherside Litepaper — Document Covers the ‘Foundational Principles’ of the Metaverse Platform
Yuga Labs Drops Otherside Litepaper — Document Covers the "Foundational Principles" of the Metaverse Platform Following the introduction of the Otherside metaverse and the apecoi
Binance Wallet announces support for Bitcoin Atomical ARC-20 assets
Zhiyuan Sun4 hours agoBinance Wallet announces support for Bitcoin Atomical ARC-20 assetsThe Atomicals protocol provides a transparent, secure record of ownership and history for Bitcoin NFTs.1217 Total views2 Total shar
Tom Mitchelhill31 minutes agoJudge rejects SEC’s motion to file an appeal against Ripple rulingDistrict court judge Analisa Torres denied the SEC"s motion to file an appeal, claiming that the regulator did not show tha
Ethereum Price Could Still Reclaim $4,000 Based On This Bullish Divergence
Este artículo también está disponible en español. The Ethereum price appeared to be finally gearing for a strong bullish breakout after multiple weeks of disappointing an
Social Media Giant Wechat to Support China’s CBDC, Platform Expected to Boost Adoption Rate
Social Media Giant Wechat to Support China"s CBDC, Platform Expected to Boost Adoption Rate China’s social media giant, Wechat has said it will support the digital yuan in a
Rap Star Drake Loses $400,000 Bitcoin Bet on Jake Paul in Split-Decision Loss to Tommy Fury
Rap Star Drake Loses $400,000 Bitcoin Bet on Jake Paul in Split-Decision Loss to Tommy Fury The Canadian rapper and singer Drake lost $400,000 in bitcoin after betting that the You
Cardano (ADA) Rallies Above 100-Day SMA As Bulls Aim For $1.26
Este artículo también está disponible en español. Cardano (ADA) has surged past the 100-day Simple Moving Average (SMA), marking a pivotal moment in its price action and